Bitcoin Price Analysis: Here is an Important Weekly Update on BTC Price

The post Bitcoin Price Analysis: Here is an Important Weekly Update on BTC Price appeared first on Coinpedia Fintech News

The crypto markets appear to be preparing for the year-end as the Bitcoin price gears up again, raising hopes for a bullish close. After maintaining a bearish trend for a couple of days, the price has triggered a significant upswing, carrying forward the bullish expectations. With this, the BTC price may record a bullish close for the year, but the major question would be whether it may maintain a similar trend ahead.

As is known to many, approval for the Bitcoin Spot ETF is on the horizon, and it would be in the favour of the markets. With this, the BTC price is expected to rise beyond expectations. The price has soared above the crucial support zone again, which suggests the levels could reach beyond $45,000 in the next couple of weeks.

Will BTC’s price sustain above the gains post-spot ETF decision?

The weekly Bitcoin chart remains bullish as the trade remains above the ascending trend line. The Bulls defended this support well despite the growing bearish influence over the rally. This suggests the token is preparing itself for the yearly close as well as the upcoming Bitcoin spot ETF. The decision on the spot ETF is scheduled for January 10, 2024, and the markets are believed to exhibit a shadow jump if the ETF plays out positively, which is very likely.

As the trade approaches the end of 2023, some key points need major attention.

• Amid the anticipation of traditional institutions entering the crypto space, concerns are widespread. A positive outcome from the ETF couple could propel a quick move toward $52,000, which could be followed by a potential rejection

• The BTC price has established a robust support & resistance range between $30,000 and $47,000. While $47,000 has not been reached yet, a new resistance has formed at $44,000 in a lower timeframe

• Despite expectations of a correction since October, BTC has not shown one. Therefore, all eyes are on the $30,000 support for a potential final drop 

• The RSI is already in the overbought zone, which indicates a potential major correction soon.

The Bitcoin (BTC) price may continue with its struggle to reach the $47,000 resistance level, especially with the potential positive impact of the spot Bitcoin ETF approval.